Maynilad Water Services Inc. is nearing a deal with the Japanese trading company Marubeni to sell a 20 percent stake in the Manila water provider for about $400 million, DMCI Holdings President Isidro Consunji said.
The Philippine builder will use proceeds from the Maynilad stake sale to help fund an expansion in power, infrastructure and mining, Consunji said today. Marubeni may complete the acquisition by September, Chief Operating Officer Herbert Consunji said.
DMCI’s stake in Maynilad, jointly owned with Metro Pacific Investments Corp. (MPI), would drop by 16 percent after the deal to 25 percent. DMCI would receive about 14 billion pesos from the sale, the COO said. Metro Pacific would give up a 4 percent stake in the deal, the Philippine Daily Inquirer said.
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